According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) canceled the much-anticipated crypto regulatory proposal and postponed the meeting, without providing a new date. The SEC was originally scheduled to announce its first major rule-making effort in the digital assets field on Friday, but the meeting was canceled due to "unforeseen scheduling issues." The industry hopes that Congress can take over the legislative initiative, especially in light of the lack of progress on the Senate's Digital Assets Market Transparency Act. The proposed regulation is expected to create a limited framework for issuing crypto securities without triggering institutional registration requirements. The industry hopes that this more sustainable form of regulation can be implemented as soon as possible, but for now, further action from the government is still needed.